1999 Interim Results

The directors have resolved to issue fully paid ordinary shares in the Company as a capitalisation share award to ordinary shareholders registered in the books of the company at the close of business on Friday, 20 August 1999.

Such shareholders will be entitled, in respect of all or part of their shareholding, to elect to receive instead a cash dividend of 128 cents per ordinary share ("the election"). New fully paid ordinary shares in the Company will be issued only to those ordinary shareholders who do not elect in respect of all or part of their shareholding on or before Friday, 17 September 1999, to receive the aforementioned dividend.

The number of capitalisation shares to which shareholders are entitled will be determined in the ratio that 128 cents per ordinary share multiplied by 1,05 bears to the weighted average price of Nedcor's ordinary shares in the Johannesburg Stock Exchange ("the JSE") for the four business days ending Thursday, 16 September 1999. Where entitlements to new Nedcor ordinary shares result in fractions of shares, these fractions will rank for a residual cash dividend.

Documentation dealing with the capitalisation share award and election will be posted to shareholders on or about 27 August 1999. In order to be valid, completed election forms will need to be received by Nedcor's transfer secretaries by no later than 12:00 on Friday, 17 September 1999. Election forms in envelopes postmarked on or prior to Friday, 17 September 1999 will be accepted only if received by no later than 12:00 on Wednesday, 22 September 1999.

Subject to approval of the JSE, a listing for the new ordinary shares to be issued pursuant to the capitalisation share award will commence on Monday, 27 September 1999.

It is expected that dividend cheques and share certificates will be posted to shareholders on or about Monday, 27 September 1999.

A further announcement will be made on or about Monday, 27 September 1999, reporting on the result of the election.